AgMarket.Net® Releases Official Acreage Estimates

AgMarket.Net®, an agricultural brokerage and consulting firm, is announcing its acreage estimates ahead of USDA’s Prospective Plantings report.

AGMARKET.NET ESTIMATES (MILLION ACRES)

• AGMARKET.NET 2024: CORN 91.5; SOYBEANS 86.1; ALL WHEAT 46.2
• USDA Outlook Forum 2024: CORN 91.0; SOYBEANS 87.5; ALL WHEAT 47.0
• USDA 2023: CORN 94.6; SOYBEANS 83.6; ALL WHEAT 49.6

AgMarket.Net® partners believe the acreage gap will narrow between planted acres of corn and soybeans this growing season  compared to the 11-million-acre difference between the commodities during 2023.  

“The Corn Belt experienced a fantastic fall for field work and input applications,” says co-founder Matt Bennett. “I would say the  economics on corn looked better than soybeans at that time. Therefore, we feel as if a fair amount of corn acres were quantified  last fall. While economics look better for soybeans as of this spring, we feel enough of those acres were already latched on to last  fall.” 

Bennett believes planted acres for soybeans should increase substantially due to USDA’s most recent World Agricultural Supply  and Demand Estimates (WASDE) report.  

“If there are swing acres this spring, we feel as if they could shift heavily towards soybeans,” says Bennett. “Profit margins  currently look better for soybeans than corn. This is also due to cash prices, good crush margins and a tighter balance sheet on  soybeans. We feel that gap between corn and soybean acres will narrow due to both corn acres dropping and soybean acres  growing.” 

AgMarket.Net® expects a decrease in wheat acres due to spring wheat prices and USDA’s drop in winter wheat acres. 

The company used a hands-on approach to receive its estimates. AgMarket.Net® spoke to its consulting and brokerage customers  on their acreage mix, input costs and weather conditions. Representatives also talked with farmers throughout the country about  their decisions during travels to trade shows, events and speaking engagements. AgMarket.Net® used its contacts in the  commercial business, input space and transportation sectors as well.  

AgMarket.Net® is the Farm Division of John Stewart & Associates, an agricultural trading company based out of St. Joseph,  MO.

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